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estimates. major manufacturers in japan say business sentiment is getting worse. that's according to the latest quarterly report by the country's central bank. the bank of japan released on friday it's quarterly survey of short-term business confidence. nearly 11,000 companies up were covered byhe poll. e headline index stood at minus 12, down 9 points from the previous survey in september. it also records two consecutive quarters of worsening sentiment. the main factor for the decline is poor exports of auto and other economies due to the european downturn and cooling ties with china. another negative factor is the drop in domestic car sales because state subsidies for buyers of fuel efficient cars expired in september. for the nonmanufacturing sector the sentiment index was down by four points from the previous surv survey. looking aahead the to the next three months, major manufacturers expect a slight improvement as they hope the u.s. and chinese economies recovery. they're concerned that cooling consumer sentiment will persist. japanese shoppers are spends less, and that's go
. >> japan's prime minister wastes no time on calling on the bank of japan to recognize support after a land slide win returning the dlp to power. >>> get a little, give a little, house speaker john boehner may be willing to raise taxes on the wealthy if president obama allows entitlement cuts in return. >>> and corporate news weighs on sentiment across europe. kpn shares fall after dividend and greco stocks plunges as analysts cut their outlook for the uk power group. >> okay. welcome. it's the start of a brand new week here on "worldwide exchange." and don't adjust your set, kelly and i are together. >> for once, for a day. >> but make the most of it because it won't be lasting. >> if only there were a slo-mo. >> i'm going to enjoy as much as i can of today. >> and likewise. and then we're going to have to get all of our u.s. voouers to find cnbc world because they could get three hours of you, carol and carolin for the rest of the week. >> whatever they can do. record it and fast forward to the good bits. >> yeah. >> it will be 2:00, 3:00 in the morning or whatever. >>> on today's show, p
with ambassadors from japan and three other countries. south korean foreign ministry officials met separately with envoys from japan, the united states, china, and russia, all members of the six-party talks on north korea's nuclear program. details of the meetings haven't been released, but it's believed the five nations discussed ways to convince officials in pyongyang to cancel the launch. south korea plans to send two aegis vessels capable of tracking missiles to the yellow sea to observe the launch. the monitoring will be done in coordination with u.s. forces. defense officials in seoul are also considering raising the country's alerstatus by one notch. japan's self-defense forces are on the alert in advance of this possible missile launch. the maritime sdf vessel carrying pac-3 missile interceptors has left its home port in hiroshima bound for okinawa. the pac-3 surface-to-air missiles are capable of shooting down debris should it come near the ground. the interceptors will be placed at several sites in okinawa. defense ministry officials expect the missile's flight path could take it ov
france's foreign minister calls time. japan's conservative party returns to power crushing its opponents. and the web site which reveals just how heavily london was bombed in world war ii. thank you for joining us. heavily-armed police have evacuated a church where mourners had gathered in at the wake of the u.s. school shooting. president barack obama is preparing to travel to midtown -- to newtown to console the families of the victims that include 20 children. john, what do we actually know right now about this threat? >> i am not sure that i would make all that much of it. i am afraid to say that bomb threats are a way of life in this country when there is a major and national story on. people tend to take it upon themselves to do this kind of thing. nonetheless, this is the catholic church behind me and there was a service going on on sunday morning when the world's media count out outside, including al jazeera english, so people running out looking quite frightened. we're told there was a bomb threat. we have pictures of this. you can see from these pictures the police an
seconds, here is what else we've got for you, an in japan, again, a landslide win, so, what's the new prime minister going to do about the world's worst debt problem? print more money and stimulate more, too. build more infrastructure. will that work? we have our own resident japan expert. question, is jeff immelt's cozy relationship with the president costing general electric shareholders money? we will be discussing it. and i lost on friday when i questioned "the washington po " post's" claim that the senate would be better with more women. i'm not done debating that. more coming up on this program today. and we want to hear from you as well. send your e-mails to varney@foxbusiness.com and we read them on the air. and we read all of them, by the way. i've got news, clearwire selling itself to sprint for $2.97 a share and sprint raised its offer by 7 cents. some clearwire shareholders wanted and expected more. that stock is down. sprint is up, it's getting what people consider a good deal, at least that's what the market is saying. it's up what, 4 cents, not much. aig selling the re
in boosting inflation ultimately. the euro/dollar, 1.3221. so for trading in asia, just how japan, china and the rest have been affected by fiscal cliff news, diedra morris is join onning us with plenty more. hi. >> hey, kelly. it was a bit of a rude awaking. a lot of these indexes were on their way to gains and then we had the fiscal cliff setback. we had news that john boehner's plan b failed. this all turned red and this is where we ended. the nikkei 225 coming back from that huge rally that we have seen over the last five weeks shedding 1%. the exporters hurt here because the dollar/yen was lower. it has regained some ground in the last few hours or so. the kospi shedding about 1%. blame politicians in the u.s. and blame heavyweight samsung. this accounts for some 20% of market value on the kospi index. down 4%. that hurt the broader markets. this is, of course, because eu regulators are poised to excuse samsung of breaking competition rules and filing competition patent lawsuits against samsung. greater chinese markets, shanghai more isolated from global happenings and fiscal cliff
. >>> and japan's finance minister is saying other companies have no right to lecture japan on its currency policy instead calling for the u.s. to seek a strong dollar. >>> okay. welcome back to "worldwide exchange" this morning. let's take a quick check on trade as we close out the last full trading week of the year. not even a full week, but just one of the last trading weeks of the year. >> monday seems so far away. >> it's just kind of sticking out there, the 24th and 31st. european markets were closed for boxing day week. got back into trade yesterday. sort of a mixed bag across the board. u.s. markets were weaker and this morning europe is following the u.s. down that path. the ftse just a little bit lower. the xetra dax down by .1%. the cac 40 which was one of the strong performers yesterday giving up some of its gains. the ibex 35 underperforming. >> the penny stock not worth a whole lot so you have to take that into consideration. but yeah, drifting lower on the bond markets. today we have this italian debt auction which would be interesting. we've got rome offering somewhere in 2 to 3 bi
kurdish town is still trying to identify the scores of people who died. to japan now, where the authorities are trying to figure out how tunnel collapsed on sunday, killing at least nine people. huge concrete slabs in the tunnel smashed on to cars. that started a fire on the main route from tokyo to central japan. we report now on that story. >> only this morning, the mangled wreckage of three vehicles was brought -- early this morning, the mangled wreckage of three vehicles was brought from the tunnel. last came a small delivery truck. the driver had been trapped, but alive. by the time rescuers got to him, he was dead. the collapsed tunnel lies deep in the mountains of central japan, just to the north of mount fuji. it is part of the expressway that links tokyo to central and western japan. the tunnel itself is nearly 5 kilometers or 3 miles long. engineers are trying to work out what went wrong. what caused the huge concrete ceiling segments to suddenly give away and crashed to the road below 0-- and crash to the road below? and why had the tunnel past the city in best --
says the shift to the right in japan is a worrying development. >> we think the much more pressing issues that japan must show sincerity. we need to improve relations between the two countries. >> the first full news conference, he was sticking firmly to the same hard line on these countries all the way to japan. >> but the islands are inherently japan's territory. we own and control them under international law. there is no room for negotiation on this point. >> they also address the record low turnout at the election which she put down to a decision and others blame and voter apathy. especially among the younger generation facing a return to the party that has dominated politics for 50 years. their parents grew up knowing no other government. they are facing rule under the same period for the young in japan, it is a return to the old normal. >> the politicians are always doing something up there. they are not really listening to ross. >> it is becoming like the elections are just for old people. >> the list of the number prime minister's get longer and naming them is becoming a b
totalitarian culture in japan where a fascination await anyone who questioned the destiny of japan to all of asia, the remaining democracies in europe lacked the will to stop even the weakest of aggressors. when mussolini successfully crushed ethiopia, and none of the league of nations states oppose them, that's higher -- it was already dead. this of course was long before hitler invaded poland. a world war ii let me only but they say that what saved the world in our view was that the progressive liberal, new deal government of franklin d. roosevelt, most likely out of sheer desperation unleashed a productive power of free market capitalism to bury the acid towers in a tsunami of tanks, planes, and ships. anyone who's read my my books knows the statistics of pink slime just not far from where i teach, a tank was built from scratch in four and a half hours. henry kaiser's shipyard churned out a liberty ship in a record four and a half days. that's faster than most of my students can write one of their semester papers. this undergirded american military strategy of using weapons and technol
of "thunderbirds," has died at the age of 83. japan's new prime minister, shinzo abe, has named his cabinet. on foreign policy, he emphasized the importance of japan posting relationship with united states. relationship with united states. >> i spoke to president obama on the telephone the other day. we have agreed to work to rebuild our relationship. i acknowledge before stepping reinforcing our relations with the u.s. is our priority. as prime minister, i must protect our citizens lives with determination. right now, are fearful -- airforce are protecting our sea and sky around the island. japan's security is not someone else's program. it is the crisis we have on our hands. >> this is "bbc world news." mohamad morsi has welcomed the vote in favor of a new constitution and he has called on those who opposed it to join in a national dialogue. another army massacre in syria as another person the facts. seeing the army has deviated from protecting the nation. a fire has destroyed a fireworks or house in nigeria. it killed at least one person and injured many more. it quickly spread to other
. >> you like japan, yes or no. >> i love japan. >> i like cliff naturals i like the least because of the debt. >> summed it. charles you better deliver on the picks. happy new year . david asbin and forbes on fox is here right now. >> just about everybody is trying to stop the tax cuts from expiring. but billions in subidies for wind energy should be expiring. could they be right or will they blow up energy prices. we'll go in focus with steve bor bes and bill and morgan. is it paying off? >> no, it is 18 times that of nuclear energy. ronald reagan was right. thest thing to immortality is a government program. politicians are labeled with hot wind and we label the section gone with the wind. >> we have sending sib sidies in '92, has it been worth it. >> we are early inlet process. we have subsidized oil and coal and gas. we have done them from darn near a century. these don't look so bad. like it or not, the majority of americans believe that global warming is an issue. we need to develop clear energy sources. fossil fuels may be a difficult problem. we are subsidizing thingings.
in tokyo, as well, to assess what options the bank of japan really has. policy will not be dictated by market opinion. we'll take stock of britain's progress towards deficit reduction, this ahead of the chancellor's autumn statement. senior fellow for international economics. will the numbers live up to the expectations. meanwhile, over in ghi narks the mainland's factories are crank out more goods at the fastest pace in month. >> chinese factories appear to be recovering. the hsbc pmi, a private gauge of manufacturing, and the government's official pmi, both show a steady improvement for the industry in november. the hsbc pmi final reading came in at 50.5, the quickest expansion in over a year. the industry saw a pick up in new orders as well as stronger exports thanks in part to christmas demand. the concern is about the the unevenness of the recovery. the sub indices for employment as well as small and medium sized companies ticked downwards and that suggested to some that the recovery is mainly led by investment in state-owned enterprises. a bigger worry is about the outlook for
commodity. it could be exchanged for silk in india and the silk exchanged for swords in japan, and those swords would be sold back in england and the whole thing would start again. so the ex-peasant who is now running the show on a small plot of land handed over to him by the landlord would be an entrepreneur. effectively, he borrowed money from the landlord in order to pay for three things. rent of the land, wages in the form of corn, to the ex- peasants who are now wandering in the countryside knocking on doors because they don't have direct access to land, and some machinery, shears for clipping wool. so land, labor, and capital could be purchased in advance of production, on the basis that the entrepreneur, ex- peasant has to the landlord. -- on the basis of the debt that the entrepreneur, ex-peasant house to the landlord. so debt comes first, then comes distribution of income in the form of a labor contract. it will work for so many hours and i will give you so much corn. then comes production. it was a combination of this reversal of the order from having production followed by a d
to southern europe. >> and then south korea's presidential election, yes, it's not just japan, and what to expect from the winner. >>> let's just plug you into where we are with this global market. more now on the global trading day in europe. 5-4 advances just about outpace decliners on the dow jones stoxx 600. most european stocks were up yesterday. the dax up 13 points. the dax, second highest close of the year, still up 27.5% for the year. right now, the ftse sound, the cac kron, closed at a fresh 52-week high. and the ftse is up 13 points despite falls from italian banks. let's show you where we are as far as the bond yields are concerned. we just check in. italian yields, 4.4% on the year. we'll show you the twos and tens, as well. i'll give you more on how that compares to where we closed yesterday. so the two-year, that's the low where we were yesterday. 10-year spanish yields, 5.581%. two-year yield, 2.35%, kind of where we were yesterday, too. and they're continue to go appreciateslide slightly from yesterday's close. as far as currency markets, 1.2880 was the two-week low on
cac up 11%. thailand up 43%. japan up 6%. year to date, the usa is up over 12%. that ain't bad. let's bring in our pal, jim iuor iuorio. you know, jim, it's turning out to be a very good year and it's turning out to be a very good year on a global basis. >> no doubt about it. but let's break it down. japan's stock market has rallied huge because of promise of liquidity injections and doveishness. the same thing can be said for europe and for the u.s. around the globe, everyone's squeezing interest rates and forcing money to seek yield wherever it can. it could have followthrough in japan. europe has run kind of far -- the market has chosen to believe that europe's problems are somewhat behind us. i don't really share that philosophy. but i think this move is interesting. >> but the european financial risk fear indicators look great. in fact, these financial indicators look great worldwide. i agree with you trat central banks are greasing the wheels. but in a very gloomy world, a very gloomy psychology where the worst case becomes the most talked-about case, at some point don't the m
. >>> and japan's nikkei 225 reaches the 10,000 mark for the first time in eight months. stocks rally after a widening trade deficit softens the yen and heightens expectations for more stimulus. >>> we are expecting to get the latest results from germany's survey any second now. in the meantime, i can can bring you news. for example, on industrial orders and sales in italy, orders flat on the month, down .2 on the month for sales and down nearly 5% on the year. so confirming some of the weakness that we know we've seen previously in the italian economy. meanwhile, another gauge perhaps for the euro as we look to the strength of it lately. that's the current counselor plus which in october was an adjusted 3.9 billion euros, up quite a bit from the 2.5 billion reported for september. now that also comes after -- a day after the european union's report suggesting that in fact the european union would have to run a surplus, given its poor demographics over the next couple of years. now let's get a quick preview of the news. for that we head to patricia, awaiting the results. what do we expect t
that a budget deal is closer. in asia, japan's nikkei rising above the 10,000 mark, wow, the first time in more than eight months. still a ways from 50,000. among the catalysts, expectations of more aggressive monetary stimulus from the bank of japan. the boj wraps up a two-day meeting with a policy announcement tomorrow. >>> the world bank in the meantime is raising its 2013 economic growth forecast for china and for developing east asia. the organization says that the region remains resilient despite the lackluster performance of the global economy. the world bank sees china expanding by 8.4% next year. it's expecting that it will be fueled by fiscal stimulus and the faster implementation of large investment projects. today's forecast is higher than an earlier one that was sited in a world bank report in october. 8.4%, not bad both if you can get it. >>> speaking of china, the united states is moving forward with plans to slap steep anti-dumping duties on wind turbine towers that are imported from china at prices that are deemed unfairly low. the news from the commerce department comes as u.s
more competitive. meanwhile, the bank of japan was debating measures to -- joining us now, allen capper is with us around this table. when we talk about the yen, how important is this weakness? and do you expect this trade to be for 2013? >> i think this is probably the single most important thing the europeans ought to be watching. it's clear that the change in japanese policy, if by the time we get to q4 next year, you will see stronger japanese numbers, there would be a stronger temptation to carry out much more massive qe and fiscal stimulus. it's too early to say, but i think we need to watch japan carefully. >> currency wars is what ur use saying. >> absolutely. and i like his idea about fiscal stimulus through official use of the funds. it's a very interesting strategy. >> ur r it seems to me the next level of this is you have to bloef the government can achieve this. how are they going to be able to shake off inflation? >> the key look is to acknowledge that inflation is not the problem. when you talk to investors good qe, they're concerned about the inflationary impact. my mind
to the rest of the world, if you look at germany, uk, japan, france, all of whom have very strong gun regulations, we have more gun deaths in one week than they have in an entire year, and the incidents -- the number of times in which guns inside a home are used for self-defense are exceedingly small, on the order of maybe 1 in 15, 1 in 20 as compared to the number of times when a gun is used either for suicide or a homicide. anybody that looks at the data here is quite clear that on the whole, particularly things like assault weapons, create far, far more kor nage in th carnage in this country than they prevent. to a large extent the reason why i think progressives have not been able to mount an effective campaign for sensible gun laws, it's been a failure of the progressive movement, and i think that will now change with progressives. they must realize they have to make this an election issue. all of the polls show that the public is widely in favor of sensible gun regulations. i will point out what i said on friday. president clinton after columbine when we were meeting in the oval
a bit. >> way back at the beginning of notlast century -, japan only occupy it, but every other great power had pieces of it. >> is a struggle between a feeling of being a victim, and agents superiority. >> it is an absolute contradiction. two sides of the same mind. in the end, a new sense of chinese confidence and a sense of respect from the world will help cure this historical the element. -- dilemma. this is the reason that your job is so hard, because sometimes people -- things we think are straightforward -- >> do you have a an example of that, something that was understood there as something you had to deal with and jump on? >> just for example, the dispute with japan on these islands, the chinese believe that the united states supports japan and puts japan up to the purchase of the islands simply because we have a treaty with japan. they believe that we therefore side with japan on the islands issue because we have a treaty that says we will come to the defense of japan. but we have defense treaties with many other countries. it does not mean that we agree with the actions of
is not doing that well. not to talk about japan. so this has a slowdown effect which reverb rates on the growth of emerging countries. >> and i know when you see what's happening in italy, will this, the political developments in italy that cause more instability and less reform there, are you concerned that will have a further destabilization impact? >> no. i mean, i think it comes at a time where we are starting to see an exit, a crisis exist by europe. whether this will stabilize, i hope not. i mean, i think the italians are reasonably rationale. and they know what monti brought to them in terms of reducing the italian overprice on the market. and that's -- you know, that's big money. so it comes at the moment where, you know, europe was probably start to go exit the crisis. unfortunate, but the euro system i think now is stronger than it was a year ago. >> and we've seen a lot of change in the u.s. election as well as talk about whoever won whether there would be increased trade tension wes china.. we heard from tim cook last week and he was asked what would it take to make more products in
to japan, voters are heading to the poll on sunday. the major indicators suggest a win for the opposition party. the local media says there is still a large pool of undecided japanese voters. kari enjoji has more on this report from tokyo. >> reporter: 12 parties, some less than a month ole are fielding 1,504 candidates. but instead of being slow for choice, voters say i just don't know. polls suggest the prime minister's democratic party is unraveling, hinting that many first-time politicians that swept the party to a victory three years ago could be wiped out. >> it's quite possible that the cpj will sink from neing first or second but possibly to even third parties in japanese politics. >> the dpj's handling of the fukushima disaster and undelivered economic promises have alien ated many voters. if the liberal democratic party wins, shinzo abi could with the newest restoration governor. the emergence of these smaller parties could mean a messy transition period. >> my gut feeling is that possibly no single party will win the single majority in the next election. this is democracy. even
to that anxiety is that all? >> is the most problematic relationship now in japan and this is not good. i have to say i think japan probably hasn't played this as well as it might have, but i think on the other hand it would be fair to say also that it serves china's purposes to have something happening outside his orders which can rally people at home. there's a lot of complex things going on in each of these reactions to foreign movements outside. >> which makes your job complicated. i wonder if you go back to the news last week with the north koreans surprisingly, given reports of their technical difficulties but the long-range missile tests seem to fully back or not. >> we have been communicating with the chinese about the need to dissuade north korea from launching a missile. although they say for satellite into outer space it's using the same technology that's important, that would be used to launch a nuclear warhead. this type of missile technology is expressly covered under u.n. security council resolutions, prohibiting such testing of missiles and the type of technology, supported by
the americans. they didn't do that. host: how much did winston churchill expect japan to get into the war? guest: one of the things, in doing this, i had to lock at what is he interested in? what is in his head. try to place churchill in his tim times. he was interested in norway, sumatra, not japan, not the pacific. his knowledge of the geography, the politics, the military situati situation, was not there. and he admits in his memoirs in order to imagine a picture of a theatre of war or what have you, you have to have some knowledge to let your imagination run three. and he didn't and he admitted that and he paid dearly for it. he thought the japanese were a meek race who couldn't see well, couldn't shoot straight in an airplane, were bad fighters, would never have the tim merchantity to attack the british empire. and he people that. they will not attack us. how could they possibly contemplate that. host: what was his reaction when the japanese bombed pearl harbor? guest: that he just won the war. host: that was december 7, 1941. here he is in front of the congress joint session on the day aft
of japan and u.s. flag joined in solidarity. banners from every state in the union were hanging reminding each manufacturer that he was part of a union, industry of thousands that he was a vital member. at the center of all was a sea of balloons that was each tied with silk thread to the stem of a champagne glass. later with the toast under way the balloon's served another purpose the feeling would appear to rise up to raise class's in unison to elevate the celebration for their. it was also printed on american silk. like miniature silk scarves that under the glow of the chandeliers. devised by new york's most famous chef who was quite unintelligible. the banks had more familiar english. then there was skinner's speech, cherishing the recollection of the past to emulate their example. with a great deal of reminiscing to take place but they would help to put a flourishing cap on that topic. they're not only benefactors of the past but the future and they are also making history. >> two days later skinners on a train headed up the connecticut shoreline north to massachusetts. he visited thi
of all that, true. >> not such a crummy year for japan. japanese stocks rallying you can the yen continuing its slide against the dollar in all the major currencies, in fact. asian markets mixed overnight trading. the nikkei climbing to a closing level not seen since just before the march 2011 earthquake, marking a third day of gains, mostly drive bine hopes for a new stimulus policy. the yen is sitting closes to the lowest level since september 2010 against the dollar. interesting here because now a lot of people are saying the best or the hottest trade in 2013 will, in fact, be long japanese stocks and short the yen because what's different this time around, now there is an actual target, 90 is the target. we know where it is going to go. if they are able to weaken the yen to that point, it is a core roll lary stocks will go higher, exactly what happened with the united states, ben bernanke ease he can the monetary policy and the 14% gain in the stock market this year. >> seen the yen basically strangling japanese exports for so long. >> exactly. >> so you know, obviously i the
. to shame the americans. they did not do that. >> how much did winston churchill expect japan to get into the war? >> one of the things in doing this, i had to look at what is he interested in? what is in his head? he was interested in norway, sumatra, not japan, not the pacific. his knowledge of geography, the politics, the military situation was not there. he admits in his memoirs in order to imagine a picture with a theatre of war or what have you, you have to have some knowledge, not let your imagination run free. he thought the japanese were a meek race, and a lot of the brits and the americans thought could not shoot straight, were bad fighters, would never have the temerity to attack the british empire. and he told people, they would never attack of ask. how could it come to that? >> and what was his reaction when the japanese bombed pearl harbor? >> that he had just won the war. he knew what that meant. >> here he is before congress the day after christmas 1944. >> wounds have been inflicted upon the nazi tyranny which have bitten deep and will fester and inflame, not only in
. their private dining room had been festooned with flags with the u.s. flag and the flag of the empire of japan joined in solidarity at one end. banners from every state in the union were hanging throughout the room as well reminding each manufacturer that he was, indeed, part of a union, an industry of thousands of which he was a vital member. at the center of it all floated a sea of colorful balloons above tables glistening with silver and chris crystal. each balloon had been labeled with an industry trademark advertising thebred of -- breadth of american silk manufacturing. later on with toasts underway, the balloons served yet another purpose. the very ceiling would appear to rise up as the men raised their classes in unison, elevating the occasion still further. in keeping with the celebration, the menus had been printed on american silk in purple, blue and green with white fringe. like miniature silk scarves, they were soft to the touch and elegant to the eye, casting off a rich luster under the glow of the chandeliers. on the front they listed the exquisite bill of fare devised by new yo
and southern europe. france and germany about going into recession. japan is already in recession. why apply the poison here. you don't put it on taxes on the economy and why put poison in the patient. i don't get it. >> i'm not for tax hikes or anything, but if you kick the can voters are never going to be ready to reform or pay for entitlement reform. don't do entitlement reform. it took two years for reagan to do entitlement reform. sell by date is long past due on these measures to fix fiscal problems. the problem is we're in economic era of falling expectations and that has to stop. >> if we kick the can for six months that gets us to midterm elections? >> yeah, but the flip side of the argument you can pass a lot of bad bills. nancy pelosi, let's pass the healthcare bill so we can see what is in it. the big thing that we need to concentrate on is getting back to 3% growth. this 2% growth, all of our fiscal problems are going to get worse. we only have a prayer of supplying more jobs, bringing down unemployment and braying down the deficit if we have 3% or greater. >> if we do it now, w
taxes have done in europe and southern europe. france and germany about going into recession. japan is already in recession. why apply the poison here. you don't put it on taxes on the economy and why put poison in the patient. i don't get it. >> i'm not for tax hikes or anything, but if you kick the can voters are never going to be ready to reform or pay for entitlement reform. don't do entitlement reform. it took two years for reagan to do entitlement reform. sell by date is long past due on these measures to fix fiscal problems. the problem is we're in economic era of falling expectations and that has to stop. >> if we kick the can for six months that gets us to midterm elections? >> yeah, but the flip side of the argument you can pass a lot of bad bills. nancy pelosi, let's pass the healthcare bill so we can see what is in it. the big thing that we need to concentrate on is getting back to 3% growth. this 2% growth, all of our fiscal problems are going to get worse. we only have a prayer of supplying more jobs, bringing down unemployment and braying down the deficit if we have 3
for swords in japan, and those swords would be sold back in england and the whole thing would start again. so the ex-peasant who is now running the show on a small plot of land handed over to him by the landlord would be an entrepreneur. effectively, he borrowed money from the landlord in order to pay for things, and pitiful wages in the form of corn, to the ex-peasants who are now wandering in the countryside knocking on doors because they don't have direct access to land. and some machinery -- shears for clipping wool. so land, labor, and capital, could be purchased in advance of production, on the basis that the entrepreneur, ex-peasant has to the landlord. so debt comes first, then comes distribution of income in the form of a labor contract. it will work for so many hours and i will give you so much corn. it was a combination of this reversal of the order from having production followed by a distribution, followed by debt, to having debt first, then distribution, then production. in conjunction with the great improvements in technology that unleashed the powers of capitalism, and capital
of the world's highest profile whistle blowers. michael woodford was president and ceo of japan's olympus corporation. his dream job turned in to a nightmare when he discovered the company had hidden more than $1 million in investment losses. he has a new book out called exposure. you had been at the company for a while but you were not the president and ceo. >> i'd been with the company for three decades. but became president on the first of april and was fired as president and ceo on the 14th of october. so 6 1/2 months. >> was it the previous ceo that orchestrated this? >> yes, he's admitted his guilt. >> and chairman was in cahoots? >> the former chairman and ceo became president. >> were you chairman, as well? >> no i wasn't. i was president and ceo. he remained chairman. he was known by many as the dr. evil character. and if you see his face, he looks like dr. evil and he was evil. >> it's hard to imagine. this is kind of a stunning story. just the idea that you could cover p broad losses. your problem was you looked and you saw the acquisitions that looked like ridiculous deals. ad
therefore it's about them. if anybody would have made that same decision, it's not about them. japan attacks pearl harbor on december 7, 1941, franklin roosevelts has to decide if we are going to declare war on japan. we were going. >> no conceivable american politician would have declared war. >> no politician who would have become president. that's right. >> host: you pay particular attention to three presidents, thomas jefferson, abraham lincoln, you already mentioned and woodrow wilson. let's do them in chronological order. let's start with jefferson. he it a extreme president? >> guest: a model president. how they are they were evaluated before they became president. if everyone had the ability to influence whether or not they would get the job, knew everything about them. then the people have a ability to recognize the person is not what we want or the person is what we want. and they pick jefferson. if you look at jefferson's career, he had been governor of virginia, ambassador of france, secretary of state, vice president of the united states, member of the congress. author of the de
, a tunnel collapse west of tokyo raising safety questions right across japan. we're going take a look at the cave-in that left cars mangled and drivers dead. everything has to be just right. perfection is inthe details. ♪ get to holiday fun faster with pillsbury cookie dough. [ gordon ] for some this line is a convenience. how you doing today? i'm good thanks. how are you? i'm good. [ gordon ] but for others, it's all they can afford. every day nearly nine million older americans don't have enough to eat. anything else? no, not today. join me, aarp, and aarp foundation in the drive to end hunger by visiting drivetoendhunger.org. starts with arthritis pain and a choice. take tylenol or take aleve, the #1 recommended pain reliever by orthopedic doctors. just two aleve can keep pain away all day. back to the news. hurry in and try five succulent entrees, like our tender snow crab paired with savory garlic shrimp. just $12.99. come into red lobster and sea food differently. and introducing 7 lunch choices for just $7.99. [ male announcer ] it's that time of year again. medicare open enr
that showed japan has slipped into a technical recession. they looked at their numbers. they revised the data. japan is technically in a recession. you have more uncertainty in italy. one of the important countries. and also you have this concern happening in japan. we have this week, ben bernanke and the fed will meet at a two-day fed meeting. a lot of people are hoping to hear from the federal reserve chief that there will be some kind of on going stimulus in the form of, you know, bond buybacks or something. we'll be looking to see what he has to say about the economy. this is another big uncertainty in the markets for the week. you know, this comes after consumer spending showing as "the wall street journal" set this morning, consumer spending, consumer confidence wabbling. this is europe concerns. we're seeing that consumer heading into the end of the year is starting to get a little more nervous about where we're headed here. now fiscal cliffs and payroll, fiscal cliff has a lot to do with this. the american payroll association this is the trade group for all of the small business who's
is overplayed in what japan will ultimately deliver on. but mum is pretty good. i think you still play for a little yen weakness. i think we'll see a lot of people trying to buy yen back because i don't think we'll get delivery in all these preelection promises. >> do we all think we know what the chancellor is going to say? >> judging by the many pages being given to it in the newspapers, you feel like what else can he say? it's not going to be a day where you'll buy sterling aggressively because most of the news is going to be bad. we're going to have lower growth. potentially missing at least the underlying fiscal targets and rules. so it's not a great day for sterling. i think the bigger impact will be if the rating agencies get twitchy. then i think sterling will be a bit more vulnerable. but i don't think it's necessarily a story for this afternoon. >> we saw manufacturing came in slightly better than expect. so there risk to the upside from the pmi? >> maybe. it doesn't feel like pmis are really getting a grip on the market. we're not in a world where interest rates are going an
of japan easing monetary policy again today, announcing an increase of its asset buying and lending program by more than $118 billion. that move was widely expected as part of the reason that you had seen the yen under quite a bit of pressure, yesterday, at least. you'll see right now that in japan, the market there actually closed down by just over 1%, 1.2% almost. the hang seng and the shanghai composite were slightly higher. oil prices this morning, you'll see right now, are down by about 4 cents to $89.94, so you have things to pick up in those prices over the last couple of days. and the ten-year note at this point which yesterday was yielding above 1.8%, dropping down to 77.2%. finally, take a look at the dollar and gold. yen is at 83.99. gold prices this morning with all these movements in the currency markets up by about $1.10. >>> winter storm draco is moving across the united states threatening retailers and holiday travelers. paul, we know that sometimes the storms could be a good thing for some retailers, particularly if you're selling things from home depot or the likes of thos
to find ways to not be dependent. have a nephew thinking -- teaching english in japan and staying there into the job market is better here. >> this comes back, we have moved off of the question of the economy. among other things when people say can we afford to spend to boost the economy, the costs of not doing that are among others things a lost generation of young people. a terrible job market, people are coming out of school or college or private school into a market that has no use for them. they never get that first job that makes use of your potential, never get started on the latter. we will be paying a price for our inaction in the face of mass unemployment for years because of what we're doing. >> absolutely right. particularly foolish right now, u.s. government can borrow at negative real interest rate. >> the u.s. government sells bonds that are protected against inflation and will not devalue and the interest rate on ten year inflation bonds at minus 0.8%. people hate government taking their money. >> once you recognize that and recognize we have higher return investme
because it looked like salt. by the time the lucky dragon got back to japan everybody had radiation poisoning. their skin turned black, their eyes were using, they were frightening to look at. the ship was immediately towed off to the other side of the harbor and kept away from everybody and ultimately burned at sea. the crew spent a year in hospital in tokyo where they had some experience dealing with radiation sickness after the two bombs wheat dropped on japan in 1945 and eventually they all recovered except for the radium and a guy named kubiyana who seemed well but ultimately died of liver failure. this was a huge international incident and the united states had to pay reparations to the families. they had to pay damages to the fishing industry because to know throughout -- tuna had radioactive burdens for weeks and years after words. this was a serious problem. and one that rachel carson was determined to explore in "silent spring". she really felt what was happening with pesticides was similar to what was happening with fallout from nuclear testing. unexplained for those of y
. >> normally is different because of oil. >> i think sweden and germany -- >> in japan. i'd be careful about drawing too much for japan. i think that sweden, denmark and germany are really interesting and what they've done with the deal between labor and capital and also frankly across society. the german reaction to the recession was sensitive laypeople of, everybody would effectively take a pay cut of 30%. it takes a lot of social unity to have that. having said that, i think it's going to take more than going to the social democracy of northern europe because you're feeling tensions also in northern european countries and you'd be surprised at the extent to which this whole discourse we are having could have the same discussion in berlin and particularly in berlin but the germans are realizing this in a way they didn't hollow at the middle class. they did the rest of your. they are the china of the e.u. that's one way to do it. the only other thing i might say, which is funny and the reaction i liked in my book, senior european goldman sachs guy who i quoted my book sent me an e-mail sayi
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of consultation in the international regulators, canada, australia, japan, europe etc. and we continue to work the issue. i would say with banks registering the largest banks registered in the term, we are going to have more issues to sort through and we are committed to soaring through -- >> you are not talking of those that registered when you are making that statement. just the firms that register. >> but i have some expressions from some of the foreign regulators that they feel like some of the guidance may be in conflict with their loan regulator, their own that regulation and i guess that is what i am saying. if they are in conflict how are you dealing with those conflicts? >> the one example was in japan they have a clearing requirement. they actually put in place november 1st and we now have a requirement that we finished in november. there is a conflict because we both say they have to be cleared and registered clearinghouses. yet they have yet to register the london clearing house and we have yet to register the japanese clearing house. we are relieved they can use the japanese clear
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